Export-Import Bank Announces Over $1 Billion Authorized for U.S. Exports to sub-Saharan Africa in First Seven Months of Fiscal Year 2014
June 3, 2014
(Ex-Im Bank)
Ex-Im Bank Chairman Fred P. Hochberg makes
announcement during U.S.-Africa Energy
Ministerial in Ethiopia
Washington, D.C. – The Export-Import Bank of
the United States (Ex-Im Bank) today announced
that the Bank has authorized $1.1 billion to
finance U.S. exports to sub-Saharan Africa in
the first seven months of fiscal year 2014.
The announcement was made as Ex-Im Bank
Chairman and President Fred P. Hochberg
participated in the U.S. Africa-Energy
Ministerial, June 3 – 4, 2014, in Addis Ababa,
Ethiopia, with Department of Energy Secretary
Dr. Ernest Moniz. The event is being attended
by 350 business leaders and government
officials, including more than 30 African
energy ministers.
The ministerial is building upon President
Obama's Power Africa initiative and will
explore strategies to accelerate the
development of clean-energy sources and the
adoption of energy-efficient technologies. It
will also review best practices in the
development of oil and gas resources, policy
and regulatory issues, investment opportunities
and financing. Chairman Hochberg participated
in a panel discussion of government and
multilateral tools for encouraging energy
financing.
"Ex-Im Bank is committed to expanding U.S.
trade with sub-Saharan Africa, which is home to
seven out of 10 of the world's fastest-growing
markets. U.S. exporters are eager to realize
the tremendous opportunities in this region,
and the Bank is helping them to create and
sustain American jobs by increasing their
exports to Africa. We look forward to
increasing financing for American-produced
exports to Africa's energy sector," said
Chairman Hochberg.
In the past five years, Ex-Im Bank has
authorized more than $5 billion for U.S.
exports to sub-Saharan Africa, exceeding the
Bank's authorizations of $4 billion for the
region approved over the previous decade.
The Bank is also increasing the number of its
sub-Saharan authorizations, the majority of
which benefit small-business exporters of spare
parts, consumer goods and other products
supported through the Bank's short-term
export-credit insurance. In FY 2014 to date,
Ex-Im Bank has approved over 100 authorizations
for U.S. exports to the region and is on track
to exceed the record-high level of 188
sub-Saharan Africa authorizations in FY 2013.
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